Armada's additional shares overrated?

OAO Armada (RTS, MICEX: ARMD) has fixed the price of the additional share issue at RUR380 (about $14,9). The shares will be offered to a wide range of investors at an open subscription simultaneously on MICEX and RTS on July 31, 2007. According to Vedomosti, additional share issuance amounts to 16,7% of revaluated capital of the company. ZAO Aton Broker acts as the lead manager of the offering. Armada is traded on MICEX since May,23. The price of its share grew 1,5 times since then, from $10. FINAM analysts estimate one share for $10.4-16.4 and recommend not to buy it for more than $13,4. OAO Armada provides information technology services, divested from RBC (RTS, MICEX: RBCI) by the end of April 2007. RBC's major holders - German Kaplun, Aleksandr Morgulchik and Dmitry Belik - are holding 49% of Armada. The company is not present on Russian Top-10 IT-companies with highest revenues (Merlion is 1st with $1.376 bln year revenue).